USD/JPY Live News

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Mar. 3, 2021

Yen goes back up to August 2020 levels, reaching 106.88

Live - Updated 1 minutes ago.

Starting the session at 106.71, USD/JPY rallied above 106.88 for the first time in 6 months, gaining 16 pips, and is now trading at 106.87. (Trade Dollar/Yen with FXTM now).

Meanwhile, Japan Services PMI was released today at 12:30 AM with a figure of 46.3, This is better than the previous number of 46.1. The Japan 10-Year JGB Auction was released yesterday at 3:45 AM with a figure of 0.131, This is better than the previous number of 0.053. United States API Weekly Crude Oil Stock came out at 7.36 million, above the estimate of -1.85 million. This is also a step forward from the previous data of 1.03 million.

A Visual analysis of the Dollar/Yen's price graph shows the Dollar/Yen nearest support level is at 104.55. In terms of trend indicators, we can see that the CCI indicator is above 100. When the CCI (Commodity Channel Index) is at this level, it means the price is above the average price as measured by the indicator, indicating a possible start of a new uptrend. Asset volatility analysis shows that a slight indication of a slowdown comes from looking at the Bollinger bands: the upper band is at 107.13 – a high enough level to usually suggest the Dollar/Yen is trading above its value.

Overall, technical indicators suggest the Dollar/Yen has no obvious direction for the immediate future.

While the dollar/yen is green so far today, these assets are not doing so well- NASDAQ is down 230.04 points from the beginning of the session and now trading around 13,588.83.

Other assets are showing mixed performance as well.

The market is looking forward to today at 3:30 PM, data for United States Crude Oil Inventories will be released, with an expected decline to -928,000 from the preceding figure of 1.28 million. Projections for United States Initial Jobless Claims are set for a continuation of decline of 750,000 while the previous data was 730,000, Data will be released tomorrow at 1:30 PM. The United States ISM Non-Manufacturing PMI (Feb) will be released today at 3:00 PM.

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Week to date

Yen rallies beyond 106.96 for the first time in 7 months .

Trading week in a glance - USD/JPY is hesitant but green - from an earlier low of 106.36, USD/JPY is up to 106.87, gaining 36 pips compared to 106.5 at the start of the week (0.34%). (Start trading Yen at FXTM today).

A look at other markets shows behavior that usually indicates a green move for the Yen as new 11 month high for GBP/CAD at 1.7778. Crude oil made its largest single-week drop ($3.17) since October 2020. new month month and a half high for Dollar/Swiss at 0.9194.

At the same time, at 1.5196, EUR/CAD is down to its lowest value in 8 months. Gold fell to $1,708.4, hitting an 8 month low.